Turton in the news
A joint venture between The Martin Group, Symphony Development and AECOM Canyon Partners has closed escrow on property at 6620 Folsom Blvd. for an entitled project called 65 East. Construction on 223 housing units with retail should start by year’s end or early in 2020, a development director with The Martin Group said.
The project, which will have four buildings on a 1.57-acre parcel, consists of two residential buildings, a six-story building of apartments and retail, and a multi-story parking garage.
Ken Turton, John Mudgett and Patrick Stelmach of Turton Commercial Real Estate brokered the sale.
Cupcakes topped with fried chicken and waffles will be among the items served at a new eatery planned downtown.
The locally owned Odd Cookie Bakery Cafe & Bar could debut in mid-to-late December, according to co-owner Frankie Fusco. It will fill a space at 1015 Ninth St. in downtown Sacramento, which was most recently occupied by Bar Rouse. The business will be about 4,100 square feet, Fusco said. He plans to use both a main level and an upstairs loft area. The owners hope to host events such as art shows.
K Street’s reinvestment and revitalization in downtown Sacramento is continuing, with a Bay Area firm closing escrow this week on a second building there. Property records show Bauen Fund 2018-1130 LLC bought 1130 K St., a four-story office building, for $19.5 million. The address for the buyer in Los Gatos corresponds to Fox Creek Fund LLC, whose website describes the company as a diversified investment fund with an interest in real estate acquisition and management.
Less than a year after it last sold, a potential redevelopment site on Broadway in Sacramento is for sale again. The property at 2400 Fifth St., about half an acre at Fifth and Broadway, is being listed for $4.1 million by Lincoln-based Banyan Commercial Real Estate. Tai Le, the founder and broker at Banyan, said the zoning for the property allows anything from office to high-density apartments to other possibilities.
The franchise owner of a planned Beach Hut Deli in downtown Sacramento said what’s offered will be slightly different than other locations of the popular fast-casual sandwich shop. At 711 K St., franchise owner Sean Hook wants to establish both a sandwich shop and a 1,000-square-foot taphouse in the space, which should open in early 202o.
Sacramento officials and business leaders marked another step in revitalizing downtown on Wednesday, completing the restoration of the historic Bel-Vue Apartments. Speaker after speaker in a new lobby/library created at the three-story building at 1123 Eighth St. described the difficulties involved in making the building from 1909 fully functional again. And in doing so, they repeatedly invoked the name of developer Ali Youssefi, who died last year of cancer at 35.
While there’s no update on bigger neighboring projects, one rehab housing project in downtown Sacramento has wrapped up work. Construction is complete and tenant processing is underway for the Bel-Vue, 22 rehabbed units of affordable housing at 1123 Eighth St. Shahriar Nejad, a project manager with developer CFY Development Inc., said the 110-year-old building has received a temporary certificate of occupancy. A grand opening event is set for September, he said in an email. Rehabbing the units as well as first-floor commercial space was pegged at about $7.5 million.
An online booking company for events is opening its first regional spot in midtown Sacramento. The company Neyborly, which has six locations in the Bay Area and Portland, Oregon, will occupy a 4,800-square-foot building at 817 16th St., according to a broker who worked on the lease. “Neyborly creates vibrant and unique venues for events, meetings, parties and popups,” said Scott Kingston, a vice president at Turton Commercial Real Estate, in an email. “They will help you develop an amazing gathering.”
The retail portion of the project at 1430 Q St. in Sacramento is completely leased, representatives from Turton Commercial Real Estate announced on Twitter. Restaurant chain Fire Wings will fill the final retail spot in the project near the R Street Corridor, joining previously reported tenants such as CycleBar, Saha Float Spa and The Good Scoop. The project, which is being developed by 1430 Q St. Investors LLC, will also include apartments.
Starbucks is closing one of its midtown Sacramento stores next month, and leasing agents are looking for a new tenant to fill the space. The cafe at 2604 J St. will have its final day on July 14, representatives from Starbucks (Nasdaq: SBUX) confirmed in an email to the Business Journal. “As part of Starbucks standard course of business, we continually evaluate our business to ensure a healthy store portfolio,” the company said in a written statement.